The condominium in urban
Honolulu called “Holomua” is the result of a public-private partnership between the state’s Hawai‘i Housing Finance and Development Corporation (HHFDC) and THM Partners LLC/KRC Partners LLC.Holomua will be located at 1315 Kalakaua Avenue, between S. King Street and S. Beretania Street.
Holomua’s 90 affordable units will range from $239,000 for a one bedroom/one bath unit up to $393,000 for a 2 bedroom/1bath unit. Remaining market-priced units range in price from $320,000 for a one bedroom/one bath to $467,000 for a two bedroom/two bath unit.
In exchange for buyers having the opportunity to purchase Holomua units at below-market price, owners of affordable units must occupy and use the property purchased as their principal residence and the sale and transfer of the property is restricted for 10 years. In addition, owners of affordable units agree to share the property’s net appreciation with HHFDC.
More information regarding the HHFDC Shared Appreciation Equity and Ten-Year Buyback restrictions may be found here: http://hawaii.gov/dbedt/hhfdc/faq/
See the original article at: KHON2 Developing Stories
